BSE Sensex up 30% in the last 8 weeks
Sensex, India’s Benchmark Index, is up 33.60% YTD. However, about 30% of those gains have come during the last 8 weeks. Overheated?
Also, I just noticed that the one stock that no one talks about (including me) is the Telecom Giant Videsh Sanchar Nigam Limited (NYSE: VSL). VSL is up about 44% YTD.
The Indian markets have mostly been driven by Indian Stocks not listed here in the United States. The only US listed stocks that have participated in this run are ICICI Bank (IBN), HDFC Bank (HDB), newly listed Sterlite (SLT) and Videsh Sanchar Nigam Limited(VSL).
Investors who put their money in the Indian ETF, IPATH ETNS (INP), have done pretty good with gains of 54% YTD. Obviously, INP gives you the exposure to the overall Indian market.
The two Indian Closed end funds, IIF and IFN, are trading at about 10% discount even after their recent run. It’s seems pretty obvious that investors prefer INP over IIF and IFN.
Indian Stocks Weekly and YTD Price Change - Week ending October 12, 2007
| Stocks | Weekly % | YTD % |
| BSE Sensex | 3.63% | 33.60% |
| Videsh Sanchar (VSL) | 14.27% | 43.59% |
| Sterlite Ltd. (SLT) | 12.41% | 65.18% |
| Patni Computers (PTI) | 5.49% | 21.31% |
| India Fund (IFN) | 5.33% | 25.23% |
| HDFC Bank (HDB) | 4.50% | 54.69% |
| Tata Motors (TTM) | 4.46% | 3.05% |
| MS India Fund (IIF) | 4.32% | 9.17% |
| Mahanagar Tel. (MTE) | 4.07% | 35.31% |
| IPATH ETNS (INP) | 3.15% | 53.38% |
| WNS Holdings (WNS) | 2.87% | -23.95% |
| ICICI Bank (IBN) | 2.56% | 30.61% |
| Wipro (WIT) | 1.64% | -3.44% |
| Rediff (REDF) | 1.01% | -2.23% |
| Infosys (INFY) | -1.41% | -4.96% |
| Sify (SIFY) | -1.49% | -9.76% |
| Genpact (G) | -2.61% | 17.29% |
| Satyam (SAY) | -3.20% | 11.00% |
| Dr. Reddy’s (RDY) | -5.01% | -11.93% |
*At the time of this writing I don’t have a position (long or short) in any of the stocks listed above. Subject to change anytime
- Indian Stocks Week-over-Week Price Change - Week ending February 02, 2007
- Are Indian Stocks getting ahead of themselves?
- Did I miss the buying opportunity in Indian Stocks last week?
- Indian Stocks Week-over-Week Price Change - Week ending August 03, 2007
- Indian Stocks Week-over-Week Price Change - Week ending October 20, 2006
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